What are the two kinds of money?

Asked by Topperlearning User | 24th Apr, 2015, 07:31: AM

Expert Answer:

Standard money and bank money are the two kinds of money.

  1. Standard money or currency money consisting of currency notes and coins is called fiat money. It serves as money on the order of the government. 
  2. Bank money refers to bank deposits which can be withdrawn by means of bank cheques and bank drafts.

Answered by  | 24th Apr, 2015, 09:31: AM

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